Quite depressing
The Fed's newest Beige Book report, released today, said the housing market is "quite depressed, with only a few tentative and scattered signs of stabilization amidst the ongoing slowdown."
Most Districts pointed to further increases in the inventory of available homes, with the earlier tightening of credit conditions for mortgage lending continuing to create barriers for some buyers. ... The pace of homebuilding remained very low in general, and builders continued to shelve projects and lay off workers in many areas; contacts generally do not expect a significant pickup in homebuilding until well into next year at the earliest.
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